HomeMy Public PortalAbout019-2023 - MEMO
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TO: Richmond Common Council
FROM: Beth Fields
CC: David M. Snow, Mayor
Andrew J Sickmann, Corporate Counsel
Doug Goss, Tax Abatement Chair
RE: Ordinance 19-2023
Ordinance 19-2023 is a Special Ordinance Replacing and Amending Minimum Criteria and
Alternative Deduction Schedules for Property Owners Requesting Deductions from Assessed Value
of Qualified Property within an Economic Revitalization Area. This ordinance provides a new
tax abatement scoring system, eliminating the need for multiple ordinances. The main
changes include reducing the maximum length of time for personal property abatements
to five years from ten and the floor for tax abatement investment to $.5M.
This new scoring system was developed by the administration in collaboration with
members of the tax abatement committee and the Economic Development Corporation of
Wayne County. Ordinance 19-2023 will allow the City to continue providing an incentive
to businesses considering locating or expanding their business in the City of Richmond
while retaining a higher percentage of tax revenue to expand the Midwest Industrial Park
and complete necessary infrastructure projects, such as the sewer expa nsion.
Attached please find a spreadsheet scoring existing tax abatements with the new system,
showing the additional revenue that would be realized on similar tax abatement requests.
This comparison was made possible thanks to input from Valerie Shaffer, President,
Economic Development Corporation of Wayne County.
If you have questions or would like additional information, please let me know, I’m happy
to schedule a time to meet or talk via phone prior to the meeting. I can be reached at
bfields@richmondindiana.gov or 765.983.7211.
MEMO
CITY OF RICHMOND
50 NORTH 5TH STREET
RICHMOND, INDIANA 47374
David M. Snow, Mayor
Beth Fields, Director of Strategic Initiatives